Oops, He Did It Again – Another Charge Against Shkreli
Prosecutors unsealed an additional charge of conspiracy to commit securities fraud against Martin Shkreli – infamously known for hiking up the price of a toxoplasmosis medicine by 5,000% – bringing the total number of criminal counts against the former drug company CEO to eight.
You may also be interested in...
Pivotal and Biomatics launch new VC funds totaling $300m and $200m, respectively; Spero raises a $51.7m Series C round; BeyondSpring is March's only US IPO, so far; Aurinia and TG Therapeutics capitalize on positive data with secondary offerings; and Galena hires a "strategic review" advisor.
The House Oversight and Government Reform Committee hearing on drug prices was the hottest spot in a very damp and cold Washington on Feb. 4 and former Turing Pharmaceutical Inc. CEO Martin Shkreli gave lawmakers and the overflow-crowd in attendance what they were anticipating: Several big smirky smiles, a lot of eye rolling and a refusal to testify – citing his "Act of Production Privilege" under the Fifth Amendment to the US Constitution at the advice of his counsel.
With the answer to the big question about Martin Shkreli out of the way – The FBI confirmed it didn't seize his $2m one-of-its-kind album of the American hip-hop group Wu-Tang Clan – what investors and patients likely are wondering is where do his companies, Turing Pharmaceuticals AG and KaloBios Pharmaceuticals Inc., go from here?